Dollar to Naira Exchange Rate Today, December 9, 2024: Black Market, CBN Rates

For Nigerians involved in trade, travel, or investment, staying informed about the latest Dollar to Naira exchange rate in the black market is crucial. This article provides the current rates for the Dollar to Naira exchange in the black market and the official Central Bank of Nigeria (CBN) channels. Additionally, it offers insights into rate fluctuations and alternative platforms for currency exchange......Read The Full Article>>.....Read The Full Article>>

According to data from Bureau De Change Operators (BDCs), the black market Dollar to Naira rate on Thursday, December 5, 2024, closed at ₦1,710 per US dollar.

In the black market, the Dollar to Naira exchange rate often reflects real-time demand and supply, making it an essential metric for those outside formal banking channels. As of today:

The official rate from the CBN is typically lower than the black market rate but is limited to specific types of transactions, such as government-approved imports and formal business operations. Today’s official exchange rate is:

Several online platforms, including Geegpay and Grey, offer competitive exchange rates and serve as trusted alternatives to the traditional black market:

These platforms are regulated and widely used in Nigeria, providing reliable access to foreign exchange without the volatility often seen in the black market.

Here are the latest updates on the forex market in Nigeria as of December 9, 2024:

The black market Dollar to Naira rate generally runs higher than the CBN rate due to limited official access to dollars, which drives up demand in the parallel market. The CBN rate is regulated, targeting approved business transactions and some personal remittances.

Staying updated on the Dollar to Naira exchange rate in the black market is essential for business, travel, and investment decisions. Regularly checking both black market and CBN rates, as well as online exchange platforms like Geegpay and Grey, can help you make informed decisions in Nigeria’s dynamic forex environment.